India Automotive Bearings Market to Exhibit a CAGR of 13% until 2025
Expanding
vehicle fleet size, increasing sales of motorcycles and scooters coupled with growing
exports of automobiles & auto-components to drive India automotive bearings
market through 2025
According to TechSci Research report, “India
Automotive Bearings Market By Vehicle Type, By Type, By Demand Category,
Competition Forecast & Opportunities, 2025”, the India automotive bearings market is
forecast to grow at a CAGR of more than 13% during 2018-2025. Prominent reasons for the anticipated brisk market
growth are increasing automobile sales, growing vehicle fleet and improving quality
of automotive bearings. Further, the launch of Automotive Mission Plan,
2016-2026, is expected to result in a robust increase in production of
automobiles in the country, thereby fuelling demand for automotive bearings in the
country over the next seven years. In 2017, two-wheeler segment dominated the country’s
automotive bearings market, followed by passenger car segment. Two-wheeler
segment is expected to maintain its dominance in India automotive bearings
market during the forecast period as well on account of increasing production
as well as sales of two-wheelers in the country.
Browse 56 market data Figures and 27 tables
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Pages and an in-depth TOC on "India Automotive Bearings
Market"
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Deep grove ball bearing angular is the most preferred
type of automotive bearings in India, and the specific bearing type accounted for
more than two-thirds of the market share in 2017. North and west regions are
the leading demand generating regions for automotive bearings in India as these
regions are highly industrialized. Moreover, on account of high population
density and large fleet size, these regions are expected to maintain their
dominance in the country's automotive bearings market through 2025 as well. Some
of the major companies operating in India automotive bearings market are SKF
India Limited, National Engineering Industries Limited (NEI), Schaeffler India
Limited, and Timken India Limited, among others. Growing need for high quality automotive bearing products in the country
has led to substantial investments in R&D activities by automotive bearing
companies over the last few years.
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With increasing purchasing
power and growing population, India automotive bearings market is expected to
grow at a robust pace over the span of next seven years. “Government initiatives regarding automotive
testing infrastructure and R&D facilities across the country coupled with
its focus on making automotive sector the major contributor to the country’s GDP
would steer growth in India automotive bearings market over the next 5-10 years.
Moreover, rising exports of automotive bearings to foreign countries is likely
to boost bearing sales in the coming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“India
Automotive Bearings Market By Vehicle Type, By Type, By Demand Category,
Competition Forecast & Opportunities, 2025” has analyzed the potential
of India automotive bearings market, and provides information and statistics on
market structure, imports and trends. The report provides the intending clients
with cutting-edge market intelligence and would help them in taking sound
investment decisions. The report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by India automotive
bearings market.
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